How to buy a residential house in Brampton, Canada

I live in India. I plan to buy a residential house in Brampton, Canada. Please advise the following:

1.How to get into Canada as an investor in a residential house?
2.What is the cost of the house say 1800 sq. ft consisting of basement and ground floors.
3.Once the property is defined, how to make the payment out of India in the account of seller, who is placed in Canada.

Would appreciate any other relevant information, which can help me to invest in Canada in a residential house.

Thanks,

Sushil Ashta
New Delhi
India

Comments for How to buy a residential house in Brampton, Canada

Click here to add your own comments

Mar 25, 2013
 re: How to buy a residential house in Brampton, Canada
by: Tom Karadza

Thanks for the question Sushil...

In Canada if you're not a "permanent resident" or "landed immigrant" the banks here will likely not give you a mortgage. Perhaps some Credit Unions in Brampton have special mortgages for you but in general it will be difficult to get lending if don't have official status in Canada. So as an investor you may be pay all cash.

A nice 1,800 square foot home in Brampton can range from $300K to $400K depending on your preferences and location.

Paying the Seller is rather easy. You would engage a local Canadian Lawyer who would walk you through the process. Their fees will be approximately $1,500 and they will take care of getting the money to the Seller. You will likely have to wire the money to the Lawyer's trust account.

We haven't done this ourselves with someone out of the country so obtain good advice from a local Lawyer before you proceed, please!!

Hope that helps a bit!

Tom.

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Submit A Question.

                  

  Some Cool Free Stuff...

  Step 1:

Grab a free digital copy of our real estate investing book, Income  For Life For Canadians, right here. This book has been downloaded over 22,597 times and has helped hundreds of investors kick-start their investing with simple and straight forward strategies that you can implement right here in Canada.

You'll also receive our weekly [Your Life. Your Terms.] email newsletter with the latest investing updates and videos.

  Step 2:

Free Weekly Investing Videos & Articles: Get the latest updates and join the over 10,000 other Canadians enjoying the weekly [Your Life. Your Terms.] email newsletter. The email is sent out each Thursday. And as a little bonus we'll give a FREE digital copy of the book, Income For Life For Canadians, too!

Your Life. Your Terms.


  Step 3:

Free LIVE Investing Class: Do you live in the Greater Toronto or Golden Horseshoe Area? Come out to our next introductory "Investing in Nice Homes in Nice Areas" Real Estate Class.

Get all the details by clicking here.

It's 90-minutes and you'll learn a ton - promise!Thousands of investors have now joined us for this class and the feedback has always been amazing.

Click here to get book

This book has been downloaded over 22,597 times and has helped hundreds of investors kick-start their investing with simple and straight forward strategies that you can implement right here in Canada.

  Click here to subscribe